Rising energy prices drive growth risks; Morgan Stanley optimistic about the safe-haven value of US Treasuries

```htmlGolden Ten Data reported on March 30 that Morgan Stanley's strategists stated in a report that they recommend investors buy five-year US Treasury bonds directly at a yield level of 4.06%. According to Tradeweb data, the latest trading price for the five-year US Treasury yield is 4.022%. They also suggest investors bet on the steepening of the US Treasury curve from seven to thirty years, entering at the 71 basis points level. The strategists noted: "Since February 27, US Treasury yields have risen alongside energy prices, but we believe the recent price movements in the 1-year/1-year US CPI inflation swaps reflect that downside growth risks are increasing—and equity indices are beginning to capture this as well." They believe that if energy prices continue to rise, downside growth risks will increase further.```